EUR/USD threatens to fall back below the 200-hour moving average
The euro and pound are the two currencies that are threatening to give back gains in the past half-hour or so with EUR/USD now falling to 1.1350. Of note, the pair now looks to be moving back under the 200-hour MA (blue line) which would break the near-term bullish bias which was established just a couple of hours ago.
This comes after buyers failed to find a way to move above the resistance region around 1.1374 and 1.1384. Risk assets are still holding up well on the day but it looks like the euro may not fully participate in all of the action here as the manufacturing PMI figures earlier served as a reminder – particularly Italy – that Eurozone growth outlook remains sluggish as we close out the year.
If price starts to threaten a break of the 100-hour MA (red line) @ 1.1344, we may be staring at a move back towards Friday’s lows near 1.1300 later in the day.